Research on Mechanisms to Regulate Managers in Corporate Acquisitions

2018 Fiscal Year Final Research Report

• Project/Area Number: 15K16949
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Civil law
• Research Institution: Doshisha University
• Principal Investigator: SHIRAI MASAKAZU 同志社大学, 法学部, 教授 (10582471)
• Project Period (FY): 2015-04-01 – 2019-03-31
• Keywords: 企業買収 / 友好的買収 / 組織再編 / 支配権移転

Outline of Final Research Achievements

In this research, I analyzed on the mechanisms to regulate management teams of targer companies in corporate acquisitions. There are three mechanisms to regulate management teams, (1) a mechanism of discipline through the judgment of shareholders, (2) a mechanism of discipline through the board of directors or third party committee, and (3) a mechanism of discipline through the judgment of courts. With regard to these mechanisms, I clarified what are the obstacles that prevent them from functioning as a means of discipline, and then, I examined measures to improve the system to solve these problems, taking care not to increase excessive costs in the context of acquisitions. In addition, in view of the current state of corporate acquisitions in Japan, I attempted to consider which system it is appropriate to use and to what extent.

Free Research Field

民事法学

Academic Significance and Societal Importance of the Research Achievements

本研究は、対象会社の経営陣に対する全体として十分な規律づけを実現するための制度改善の方策を検討するとともに、上記①～③の３つの仕組みを念頭に、どの仕組みをどの程度利用することが、副作用として生じうるコスト増の問題等を最小化するような制度設計となる可能性を高めるかについての考察を試みた。このような検討・考察は、上記①～③の規律づけの仕組みのいずれについても現時点では機能不全に陥っている可能性が否めず、また、経営陣に対する規律づけの議論が十分に蓄積された状況にあるとはいい難いわが国の企業買収法の分野において、学術的な観点のみならず社会的にみても重要な意義を有するものと考える。